Singapore launches the first blockchain challenge to boost innovation

Singapore’s Infocomm Media Development Authority (IMDA) recently launched a Blockchain Challenge to accelerate the development and adoption of innovative new solutions using blockchain technologies beyond fintech.

Blockchain is a form of distributed ledger technology, with the potential to accelerate Singapore’s transformation into a Digital Economy. Through blockchain, companies from food suppliers to entertainment and media companies can lower costs, expand connections, and overhaul their business models.

Blockchain technology is expected to grow quickly, with a potential compound annual growth rate of up to about 79% from 2017 – 2022.

As most commercial blockchain solutions are currently in the fintech space, there are significant untapped opportunities for companies with pioneering blockchain solutions in non-fintech such as the food supply chain, or records for healthcare or property. IMDA’s Blockchain Challenge seeks to accelerate the development of such solutions, and identify possible use cases with greater commercial development.

As the strategic partner for this Challenge, SGInnovate will be providing IMDA with access to its blockchain community networks. These networks represent potential partners and participants for the Challenge, where they may collectively drive exploratory solutions.

Mr Philip Heah, Senior Director said, “To ensure every business is a digital business, Singapore’s Digital Economy requires technologies which can accelerate sector transformation. Through the IMDA Blockchain Challenge, we will drive awareness and spur development and adoption of this promising technology throughout our economy, including non-fintech segments.”

Participants are invited to choose from two project categories – Enterprise or Transformation – to pitch a potential solution. Shortlisted projects must then work on a Minimum Viable Product or Proof-of-Concept, with successful projects receiving prizes of S$50,000 (Enterprise) or S$100,000 (Transformation).